Follow up: What happens when your Condo Association or HOA goes Bankrupt.

By
Real Estate Appraiser with Kathleen Bryce, Inc.

Sadly I fear that I was right.  The stories are just beginning.  Many Condo Associations are teetering on Bankrupcy and the same is for many HOA's. 

The following article was published in the local news Paper.

Foreclosures burden owners at Coral Lakes

Home and condo owners at the Cape Coral gated community Coral Lakes may have to pay $650 by year's end to offset expenses the association owes because of the number of foreclosed homes.

A meeting to decide if homeowners would have to pay the assessment ended without a decision Tuesday when the head of the association's board declared the meeting adjourned.

"Everybody here wants to point the finger at the developer tonight," said Jay Coughlin, who works for the developer Engle Homes, during the meeting when shouts from homeowners frequently interrupted his answers. "But look at your neighbor who owes $220,000."

Read the rest of the article...

Realtor's you owe it to your client to place them in communities that are healthy!

Kathleen Bryce
St.Cert.Res. REA RD4424
http://www.leecountyappraisals.com

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Topic:
Mortgage / Finance
Location:
Florida Lee County
Groups:
Investors
Lee County Realtors
Mortgages
Posts to Localism
Tags:
real estate bubble
cape coral
fort myers
homeowner associations
associations
condo
hoa
south west florida
florida

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Rainmaker
291,273
Darrell Walters
W. Darrell Walters

With the way the economy is in a lot of the country, nobody wants to pay those assessments / fees either even if they are not in foreclosure.

December 17, 2008 09:10 AM
Rainmaker
1,274,756
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

Wow, this trickle down effect does not stop --- condos and townhomes with HOAs are the first to go into foreclosure, so would stand to reason, the HOAs are not healthy!    Thanks for bringing this to our attention!

 

Joan Cox

Metro Brokers - Turning Point RE

720-231-6373

December 17, 2008 09:14 AM
Rainmaker
250,976
Tim Bradley
Commercial Real Estate Expert in Jackson Hole, WY
Contour Investment Properties

I always advise my buyers to review thre years of HOA operating statements AND balance sheets. That will tell the story...

December 17, 2008 09:25 AM
Anonymous
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Rainer
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Kathleen "Kat" Bryce

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